When is the first mortgage payment due?

Answer:

It is helpful to know when the first mortgage payment
is due. Usually, the first mortgage payment is not due in one month after
signing the loan papers, but a little later.

For example, if you closed a mortgage loan of $200,000
at 5.50% on June 20th 2008, you owe interest for the days from June
20 to July 1 and then your first mortgage payment of $1,135.58 (principal and
interest) will be due on August 1.

In the beginning, the monthly mortgage payment
consists of mainly interest and very little amount going to the principal. The
principal portion of the monthly mortgage payment gradually increases over
time.